AP Training Pt. 1 - 1099 Process

AP 1099 Vendors 

Before you can handle 1099s, make sure you've done these things:

• Set up the right 1099 types using the AP 1099 Types form

• Mark the vendors that need 1099s in the AP Vendors form

• Double-check that each invoice has the correct 1099 info in the Payment Overrides tab of AP Transaction Entry

AP 1099 Audit/Process 

At the end of the year, run the AP 1099 Report (summary or detailed) to see each vendor's total 1099 amount for the year. Then, check the following:

• Make sure the YTD 1099 amounts look right. If you ran the summary report and need more details, try running the detailed version to see which transactions were included or left out.

• Check that the vendor’s address is filled in and correct.

• Make sure the vendor’s Tax ID, 1099 Type, and 1099 Box are there and accurate.